WATER AND  SEWER
      BOND SALES
    THE UNITED STATES
   January-December 1966
   U.S. DEPARTMENT OF THE INTERIOR
Federal Water Pollution Control Administration

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          WATER AND SEWER
     BOND SALES IN THE UNITED STATES
          January-December 1966
FEDERAL WATER POLLUTION CONTROL ADMINISTRATION
           Division of Pollution Surveillance
              Washington, D.C. 20242

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          Other Publications  in the Series

Water and Sewer Bond Sales in the United States, 1965
   Federal Water Pollution Control Administration
               Publication No. WP-16

Water and Sewer Bond Sales in the United States, 1964
      Public Health Service Publication No. 965

Water and Sewer Bond Sales in the United States, 1963
      Public Health Service Publication No. 965

Water and Sewer Bond Sales in the United States, 1962
      Public Health Service Publication No. 965

Water and Sewer Bond Sales in the United States, 1961
      Public Health Service Publication No. 965

Water and Sewer Bond Sales in the United States, 1960
      Public Health Service Publication No. 837

  Water and Sewage Bond Sales in the United States
              January-December 1959
   Public Health Service (Unnumbered Publication)

  Water and Sewage Bond Sales in the United States
                July 1956-June 1959
   Public Health Service (Unnumbered Publication)


                      WP-16
 (Formerly Public Health Service Publication No. 965)

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                            CONTENTS
                                                               Page
Introduction 	     1
Total Bond Sales by Year  (1957-1966)  	     2
Bond Sales (January-December 1966)
    Number and Dollar Value of Issues:
        By  Month	     2
        By  Issuing Authority	     3
        By  Bond Issue Size	     3
        By  State 	     4
        By  Population Size	     5
        By  Type of Issue	     5
        By Net Interest Cost Ranges:
            General Obligation Bonds	     6
            Revenue  Bonds 	     7
    Net Interest Cost (Weighted Average):
        By  Month	     8
        By  Moody Rating	     8
        By  Dollar Size of the Issue	     9
        By Population Size	     9
        By  Issuing Authority	    10
                                                                           HI

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                                      INTRODUCTION
  This annual report of Water and Sewer Bond
Sales in the United States contains data which
are  basic and necessary to the  orderly  and
efficient management of water supply and pollu-
tion control  programs. It reflects, in a measure,
the extent of financing to fulfill these two im-
portant public services in a growing nation. The
report also provides a ready source of economic
reference for financial, investment and banking
interests; for  the building  and  contracting
trades and professions; and for authorities re-
sponsible for  providing public water supplies
and sewerage systems. The publication series,
over the years, is a good indicator of  interest
rate and construction cost trends  in these two
types of public utility.
  The tables supplement the annual publication
of  contract award  data, to be  reported in
Sewage  and Water  Works  Construction 1966.
Similar  tables which describe bonds sold be-
tween July  1956 and December 1965  are avail-
able. The basic information from  which these
tables were developed  was obtained from the
Investment  Bankers  Association  by   special
arrangement. It is believed these tables present
information not otherwise readily available.
  Data are  presented in three categories accord-
ing to the  use of the proceeds from the  sale:
 (1) WATER when the bonds have been sold to
finance water facilities; (2)  SEWER, to finance
sewage facilities;  and (3) COMBINATION, to
finance  jointly water and  sewage  facilities
where  the  portions attributable to each  type
are not designated. Data describing bonds sold
to  finance other types of construction  in  com-
bination  with water  and/or sewage facilities
construction  are  excluded.  Data  describing
bonds sold to finance storm sewers are omitted,
although these data are available.
  It should  also be noted  that these data de-
scribe only those sales reported to the Invest-
ment Bankers Association or assembled by that
Association  from available documents.  Locally
negotiated sales that may not be reported in
bond publications or by State agencies  respon-
sible for controlling municipal bond sales are
not included. Thus, these tabulations need to be
considered as meaning "at least this much." By
dollar value of sales, coverage is believed to be
nearly complete.
  Net interest cost figures shown on pages 8-10
are  presented by month, by Moody rating, by
dollar size of the bond issue, by population size,
and by issuing authority. The figures listed are
weighted averages, data being weighted by dol-
lar  amount of the issues. Similar  tabulations
are  available for the  years 1959 through 1965.
  Water and sewer bond sales for 1966 totaled
$1,431 million, only  $14 million above  1965.
Bonds for financing water facilities accounted
for  $731 million, while  those   for  building
sewage treatment facilities and laying collect-
ing sewers  amounted to $515 million. In addi-
tion, bonds  totaling $185 million were intended
for  use in combination projects for both water
and sewerage construction.  California  again
had the  largest dollar volumes. The District of
Columbia, Hawaii, Maine,  West Virginia and
the Virgin  Islands reported no sales.
                                                                                           1

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     BOND SALES
      1957-1966
   (Million dollars)
       BY YEAR
Year
1957
1858
1959 '
1960 _,
1961
1962 j
1963
1964
1965
1966

Total
Number
1,414
1,492
1,312
1,382
1,442
1,240
1,533
1,474
1,230
1,023
Dollars
1,009
1,045
1,073
1,003
1,226
1,119
1,319
1,485
1,417
1,431
Water
Number
573
610
531
587
563
495
559
607
467
358
Dollars
483
405
530
499
545
418
613
769
• 657
731
Sewer
Number
674
715
608
614
709
606
732
661
562
488
Dollars
408
526
433
389
570
594
524
551
560
515
Combination
Number
167
167
173
181
170
139
242
206
201
177
Dollars
118
114
110
115
111
107
181
165
200
185
     BOND SALES
January-December, 1966
  (Thousand dollars)
     BY MONTH
Month
January
February
March
April
May
June
July
August
September „
October
November
December
Total

Total
Number
83
59
89
99
83
95
72
100
90
92
96
65
1,023
Dollars
106,037
83,200
117,486
87,458
258,350
181,083
53,389
94,140
142,424
41,384
202,822
63,977
1,431,750
Water
Number
28
12
36
36
31
31
28
34
31
32
38
21
358
Dollars
21,169
7,574
69,834
29,502
210,498
120,323
32,735
17,381
74,032
13,036
110,219
25,128
731,431
Sewer
Number
43
26
38
49
38
46
32
50
44
44
45
33
488
Dollars
78,937
56,441
31,522
47,231
33,651
46,267
18,298
60,577
39,960
20,071
47,368
35,124
515,447
Combination
Number
12
21
15
14
14
18
12
16
15
16
13
11
177
Dollars
5,931
19,185
16,130
10,725
14,201
14,493
2,356
16,182
28,432
8,277
45,235
3,725
184,872

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    BOND SALES
January-December 1966
 (Thousand dollars)
BY ISSUING AUTHORITY
Issuing authority
State
County
Municipality
Township
Special district
Statutory authority 	
Total

Total
Number
9
43
684
37
188
62
1,023
Dollars
222,740
50,584
535,374
30,975
306,520
285,557
1,431,750
Water
Number
4
12
218
14
99
11
358
Dollars
209,200
9,035
163,321
1,651
165,964
182,260
731,431
Sewer
Number
5
23
320
22
81
37
488
Dollars
13,540
30,524
251,973
29,198
137,206
53,006
515,447
Combination
Number

8
146
1
8
14
177
Dollars

11,025
120,080
126
3,350
50,291
184,872
     BOND SALES
January—December 1966
  (Thousand dollars)
  BY BOND ISSUE SIZE
Dollar size of bond issue
Under 50,000
50,000-100,000
100,000-200,000
200,000-500,000
500,000-1,000,000
1,000,000-2,000,000 ___
2,000,000-5,000,000 ___
5,000,000-10,000,000 ___
Over 10,000,000
Total

Total
Number
79
105
198
219
151
135
91
24
21
1,023
Dollars
2,293
7,521
27,270
70,462
103,229
181,850
275,120
157,690
606,315
1,431,750
Water
Number
33
47
68
81
48
37
24
8
12
358
Dollars
935
3,344
9,460
27,017
32,280
50,140
74,990
53,050
480,215
731,431
Sewer
Number
38
47
97
95
71
66
54
13
7
488
Dollars
1,139
3,421
13,498
30,981
48,847
86,286
161,335
82,740
87,200
515,447
Combination
Number
8
11
33
43
32
32
13
3
2
177
Dollars
219
756
4,312
12,464
22,102
45,424
38,795
21,900
38,900
184,872

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     BOND SALES
January-December 1966
 (Thousand dollars)
      BY STATE
State
Albania
Alaska 	 - -
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana - -
Iowa
Kansas 	 	
Kentucky
Louisiana
Maine -
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma-
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Virgin Islands
Washington
West Virginia
Wisconsin
Wyoming

Total

Total
Number
6
1
6
2
83
14
11
7
17
16
1
32
26
27
11
25
28
15
87
95
38
9
24
4
8
4
7
47
4
40
36
3
70
21
26
34
2
1
8
3
16
62
5
5
8
16
11
1
1,023
Dollars
3,065
1,400
12,310
9,380
504,812
21,528
13,115
3,950
26,920
19,209
130
51,972
35,846
9,267
1,157
13,376
7,166
39,670
43,081
40,483
23,691
16,490
28,759
1,460
3,180
7,647
4,901
49,779
10,755
47,932
19,495
2,466
54,319
5,754
9,057
35,485
18,000
465
12,470
1,163
58,550
97,286
2,375
5,040
9,300
24,455
23,339
300
1,431,750
Water
Number
2
1
2
1
54
7
1
1
6
3

7
12
4
2
9
4
3
50
31
11
4
8
1
1
1
2
17
2
23
12
1
23
7
11
2
1
2
2
3
9
1
1
2
7
3
1
358
Dollars
1,260
1,400
6,350
1,100
459,100
17,495
1,500
100
6,415
5,550

5,509
15,473
' 1,165
251
7,156
1,548
10,470
22,963
10,446
6,081
2,355
2,153
165
185
147
705
6,717
5,020
27,405
8,346
1,200
13,791
2,362
7,000
3,115
465
650
538
1,850
55,155
100
490
1,450
3,685
4,750
300
731,431
Sewer
Number
2
3
1
28
4
9
6
4
1

11
14
22
9
11
23
11
35
48
23
4
10
2
7
3
5
25
2
16
19
40
7
13
30

4
1
5
7
3
4
2
7
7

488
Dollars
1,105
4,210
8,280
43,212
3,393
11,495
3,850
5,410
2,500

33,548
20,373
7,875
906
2,695
5,468
28,200
18,353
24,756
14,075
13,285
25,583
1,035
2,995
7,500
4,196
38,442
5,735
18,992
10,189
38,433
1,386
1,909
31,545

5,570
625
18,750
3,379
1,600
4,550
3,200
19,455
17,389

515,447
Combination
Number
2
1
1
3
1

7
12
1
14
1
5
1
1
2
16
4
1
6
1


5
1
5
2
7
7
2
2
2
2
8
46
1
4
2
1

117
Dollars
700
1,750
2,500
640
120
-
15,095
11,159
130
12,915
227
3,525
150
1,000
1,765
5,281
3,535
850
1,023
260


4,620
1,535
960
1,266
2,095
2,006
148
825
18,000
6,250
37,950
38,752
675
4,650
1,315
1,200

184,872

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            BOND SALES
       January-December 1966
         (Thousand dollars)
BY POPULATION OF ISSUING AUTHORITY
Population size of
issuing authority
Under 10,000
10 000-25,000
25 000-50,000
50,000-100,000
100,000-250,000
250,000-500,000
500,000-1,000,000 	
Ovpr 1 000 000
Unidentified
Total

Total
Number
338
134
107
72
45
35
16
15
261
1,023
Dollars
120,649
110,611
101,112
104,929
70,541
88,622
74,759
269,660
490,867
1,431,750
Water
Number
114
37
34
27
18
10
5
7
106
358
Dollars
33,979
28,395
29,821
43,156
15,688
28,427
29,780
230,940
291,245
731,431
Sewer
Number
148
63
59
35
22
22
8
8
123
488
Dollars
55,842
48,192
52,531
41,491
44,948
30,695
33,152
38,720
169,876
515,447
Combination
Number
76
34
14
10
5
3
3
32
177
Dollars
30,828
34,024
18,760
20,282
9,905
29,500
11,827
29,746
184,872
            BOND SALES
        January—December 1966
         (Thousand dollars)
          BY TYPE OF ISSUE
Type of issue
General obligation
bonds
Unlimited Tax
Unlimited Tax
Secured By:
Utility Revenue
Special Assessment __
Limited Tax
Limited Tax
Secured By:
Special Assessments _
Revenue bonds
Utility Revenue
Special Tax Revenue
(Florida^
Rental Revenue
Utility Revenue
Secured By:
Srvpcial Tav Rovenup
Total

Total
Number
568
11
66
53
7
303
3
11
1
1,023
Dollars
776,026
15,102
24,835
51,061
607
543,419
2,250
18,100
350
1,431,750
Water
Number
215
3
18
17
1
99
5

358
Dollars
429,310
1,600
2,629
13,419
147
276,926
7,400

731,431
Sewer
Number
304
6
40
28
5
98
3
3
1
488
Dollars
310,844
12,882
20,851
33,562
345
125,013
2,250
9,350
350
515,447
Combination
Number
49
2
8
8
1
106
3

177
Dollars
35,872
620
1,355
4,080
115
141,480
1,350

184,872

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GENERAL OBLIGATION BOND SALES
      January-December 1966
       (Thousand dollars)
  BY NET INTEREST COST RANGES
Net interest cost range
midpoint
3.000
3.250
3.500
3.750 _ _|
4.000
4.250
4.500
4.750
5.000
5.250
5.500
5.750
6.000 _ _ _ _
6.250
6.500 	 	 _
6.750
7.000
N.I.C. unknown

Total

Total
Number

5
64
71
164
106
94
45
38
13
8
1
4
1
1
1
89
705
Dollars

1,155
119,168
117,894
361,128
72,679
80,345
25,767
14,856
7,538
2,880
3,800
14,260
250
3,800
450
41,661
867,631
Water
Number

3
23
26
57
46
29
14
10
3
5
1
2
1
1
1
32
254
Dollars

915
33,896
59,992
266,364
31,964
20,876
2,779
3,103
1,310
871
3,800
10,460
250
3,800
450
6,275
447,105
Sewer
Number

2
36
39
91
56
56
25
24
7
3
2



42
383
Dollars

240
81,807
51,870
76,419
38,908
55,587
22,014
10,762
3,388
2,009
3,800



31,680
378,484
Combination
Number


5
6
16
4
9
6
4
3






15
68
Dollars


3,465
6,032
18,345
1,807
3,882
974
991
2,840






3,706
42,042

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    REVENUE BOND SALES
    January-December 1966
     (Thousand dollars)
BY NET INTEREST COST RANGES
Net interest cost range
midpoint
3 000
3.250
3.500
3.750
4.000
4.250
4.500
4.750
5.000
5.250
5.500
5.750
6000
6250
6500
6750
7 000
N.I.C. unknown 	
Total

Total
Number

3
3
20
49
38
56
25
37
6
9
5




67
318
Dollars

1,350
5,895
43,765
247,459
45,763
81,583
11,687
66,399
7,910
19,510
6,670




26,128
564,119
Water
Number

1
1
5
14
12
16
9
11
2
3
4




26
104
Dollars

200
1,895
12,300
175,335
19,210
12,357
3,835
38,215
2,395
4,150
4,920




9,514
284,326
Sewer
Number

1
1
10
18
13
25
7
10
3
2





15
105
Dollars

1,000
3,000
13,590
32,295
13,570
37,380
2,383
11,228
3,900
12,500





6,117
136,963
Combination
Number

1
1
5
17
13
15
9
16
1
4
1




26
109
Dollars

150
1,000
17,875
39,829
12,983
31,846
5,469
16,956
1,615
2,860
1,750




10,497
142,830

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    BOND SALES
 NET INTEREST COST
January—December 1966
     (Percent)
     BY MONTH
Month
January
February
March
April
May
June
July
August
September
October
November
December

Total
General
obligation
8.65 -
3.95
3.89
3.67
3.98
3.97
4.02
4.62
4.38
4.26
4.12
5.22
Revenue
3.93
4.03
4.44
4.22
4.06
4.59
4.23
4.94
4.73
4.80
4.47
4.64
Water
General
obligation
4.11
3.85
3.81
3.66
3.98
3.95
4.01
4.29
4.34
4.43
4.13
5.96
Revenue
3.83
3.97
4.48
4.55
4.08
4.04
4.26
4.61
4.87
4.88
4.67
5.15
Sewer
General
obligation
3.57
3.97
4.13
3.66
3.99
3.99
4.00
4.67
4.45
4.21
4.11
4.35
Revenue
3.95
4.07
4.39
4.14
3.96
4.78
4.08
4.68
4.51
4.50
5.29
4.43
     BOND SALES
  NET INTEREST COST
January—December 1966
      (Percent)
  BY MOODY RATING
Moody rating
AAA
AA J
A
BAA
BA
Unknown

Total
General
obligation
3.59
3.88
4.04
4.27
4.99
4.63
Revenue
4.98
3.93
4.10
4.67
4.35
4.74
Water
General
obligation
3.52
3.95
4.01
4.23
5.46
4.82
Revenue
4.54
4.00
4.09
4.87
4.61
4.94
Sewer
General
obligation
3.68
3.69
4.06
4.31
4.68
4.42
Revenue

4.03
4.06
4.06
4.63

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            BOND SALES
         NET INTEREST COST
       January—December 1966
             (Percent)
      BY DOLLAR SIZE OF ISSUE
Dollar size of bond issue
Under 50,000
50,000-100,000
100,000-200,000
200,000-500,000
500,000-1,000,000
1,000,000-2,000,000
2,000,000-5,000,000
5,000,000-10,000,000
Over 10,000,000

Total
General
obligation
4.42
4.22
4.30
4.23
4.17
4.20
4.15
4.02
3.98
Revenue
4.53
4.58
4.50
4.52
4.46
4.45
4.33
4.21
4.27
Water
General
obligation
4.31
4.10
4.39
4.25
4.15
4.21
4.31
3.91
4.04
Revenue
4.24
4.57
4.70
4.42
4.76
4.53
4.36
4.19
4.21
Sewer
General
obligation
4.50
4.29
4.22
4.22
4.19
4.21
4.08
4.09
3.65
Revenue
4.50
4.50
4.43
4.47
4.29
4.31
4.23
4.31
5.01
            BOND SALES
         NET INTEREST COST
       January-December 1966
             (Percent)
BY POPULATION OF ISSUING AUTHORITY
Population size of issuing
authority
Under 10,000
10,000-25,000
25,000-50,000
50,000-100,000
100,000-250,000
250,000-500,000
500,000-1,000,000
Over 1,000,000
Unidentified

Total
General
obligation
4.33
4.12
4.09
4.04
3.98
3.82
3.91
3.97
4.33
Revenue
4.65
4.47
4.30
4.36
3.95
4.05
3.86
4.35
Water
General
obligation
4.21
4.12
4.01
4.03
3.67
3.83
3.88
4.00
4.51
Revenue
4.61
4.30
4.30
4.55
3.85
4.02
4.12
4.25
Sewer
General
obligation
4.40
4.11
4.12
4.07
4.12
3.81
3.92
3.80
4.13
Revenue
4.59
4.25
4.28
4.16
3.96
4.17

4.53

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                                              BOND SALES
                                          NET  INTEREST COSTS
                                         January-December T966
                                               (Percent)
                                         BY ISSUING  AUTHORITY
Issuing authority
State _
County 	 _
Municipality
Township
Special district
Statutory authority

Total
General
obligation
4.02
3.74
4.05
4.28
4,24
3.67
Revenue

5.13
4.28
4.23
4.94
4.20
Water
General
obligation
4.01
4.27
3.95
4.47
4.38
3.58
Revenue

5.64
4.27
4.00
4.98
4.07
Sewer
General
obligation
4,12
3.67
4.08
4.26
4.07
4.86
Revenue

4.71
4.28
4.25
4.72
4.56
                                                                    
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